🇬🇮 Tax1 Jul 2024
Gibraltar raises corporation tax to 15% from July 2024
Gibraltar announced in its Budget on 1 July 2024 that the standard corporation tax rate would rise from 12.5% to 15%, in line with the OECD global minimum rate. The Rates of Tax (Amendment) Rules 2024, gazetted on 10 December 2024, apply the new rate from 1 July 2024, with profits for an accounting period that straddles that date apportioned by days.
The Budget address for 2024/25 set out the increase. The legal change came by rules made under section 24 of the Income Tax Act 2010.
What changed
- The standard corporation tax rate rises from 12.5% to 15% from 1 July 2024.
- For an accounting period that straddles 1 July 2024, profits are apportioned by days: 12.5% before and 15% from that date.
- Utility, energy and dominant-position companies continue to pay 20%.
- The Budget also restricted the use of carried-forward losses by financial services and gaming companies.
Who is affected
Gibraltar companies and their finance teams.